J&J; Awarded $324.4 Million in Patent Case

Johnson & Johnson was awarded $324.4 million in damages from a federal jury in a patent infringement case relating to stents, and the company also reported that its LifeScan unit would pay $60 million in fines and settlement damages relating to a faulty glucose monitor. The health-care and consumer products company also reiterated that it expects earnings at the high end of estimates for the full year. Analysts on average have expected earnings in the range of $3.35 a share to $3.40 a share. LifeScan still faces a class-action lawsuit brought on behalf of more than 400,000 American diabetics who purchased the defective monitors and the test strips. Meanwhile, a Johnson & Johnson official said he expected Boston Scientific Corp. to appeal a federal jury’s ruling that would have the company pay $324.4 million in damages to J&J;’s Cordis Corp. in the patent infringement case. Therefore, he could not predict when the award would be paid. Shares in New Brunswick, N.J.-based J&J; close doff 69 cents at $98.56 on the NYSE.